Retirement plan consulting is a specialized advisory service that helps businesses design, implement, and manage employer-sponsored retirement plans, such as:

• 401(k) Plans, including Safe Harbor 401(k) and Solo 401(k) Plans
• 403(b)
• 457(b)
• SEP-IRA
• SIMPLE IRA
• ESOPs
• NQDC Plans

Our retirement plan consulting services support your company’s financial goals and the long-term well-being of your employees. 

How Retirement Plan Consulting Typically Works

Effective retirement plan consulting often includes: 

• Plan Design and Selection: Evaluating your workforce demographics, cash flow, and business objectives to recommend the most appropriate retirement plan structure, contribution limits, vesting schedules, and employer match formulas.
• Vendor and Investment Evaluation: Reviewing and comparing plan providers and investment options to make sure your employees have quality choices at a reasonable cost.
• Fiduciary Support and Compliance: Keeping your plan in good standing with federal regulations, so you meet your legal responsibilities as a plan sponsor and avoid costly penalties.
• Employee Education and Engagement: Helping your team understand and make the most of their retirement benefits through guidance and enrollment support.
• Ongoing Plan Monitoring: Reviewing your plan regularly to make sure it still fits your business needs and continues to deliver value for you and your employees.

Managing a retirement plan involves more than selecting investments or choosing a provider. Between evolving federal regulations, rising plan costs, and the pressure to offer competitive benefits, the decisions surrounding your company’s retirement plan have real implications for your business, employees, and financial future.

Having an experienced consultant in your corner means you are not navigating these decisions alone.

Realities Facing New Jersey Businesses and Employees:

• Less than half of private-sector companies offer workplace retirement plans, making employer-sponsored plans one of the most impactful benefits a business can offer. In fact, in New Jersey, more than 1 million full-time workers lack access to an employer-sponsored retirement plan.
• Small businesses (those with fewer than 100 employees) make up a significant portion of New Jersey employers, accounting for 1.9 million workers statewide (48.8% of the population). As a result, retirement plan decisions made by business owners can affect a significant portion of the state’s workforce.
• New Jersey’s top marginal state income tax rate of 10.75% ranks among the highest in the nation, making tax-advantaged retirement contributions an important strategy for business owners and employees.
• The average American is living and working longer. In fact, a 65-year-old today has about a 1-in-3 chance of living to age 90. For employers, this can influence plan design, participant education, and long-term workforce planning to accommodate retirement incomes needing to last 25 years or more.

Retirement plan consulting is not reserved for large corporations. Businesses of nearly any size or structure can benefit from professional guidance when designing and managing a retirement plan.

Employers who may benefit from retirement plan consulting include: 

• Small and mid-sized businesses are building competitive benefits to compete with larger employers.
• Family-owned and privately held companies looking to support retirement goals while coordinating owner retirement planning, wealth transfer, or succession plans.
• Professional practices and high-income businesses, such as medical practices, law firms, accounting firms, and other professional businesses, that may be exploring advanced retirement plan strategies.
• Businesses with high employee turnover or hiring challenges looking to strengthen recruiting, improve retention, and build employee loyalty through competitive benefits.
• Nonprofit or tax-exempt organizations that sponsor 403(b) plans and need help with oversight and participant outcomes.

Legacy Wealth Advisors takes a relationship-centered, fiduciary approach to retirement plan consulting for New Jersey businesses. The team works closely with business owners and plan sponsors to understand their goals and obligations to build a retirement plan strategy designed to meet them.

Building the right retirement plan is one of the most valuable benefits a New Jersey business can offer, but it comes with significant considerations. Plan sponsors often focus on:

Retirement plan consulting in New Jersey requires an understanding of the local business climate. Across Monmouth County, many employers operate in highly competitive industries where attracting and retaining skilled employees is a growing priority. 

New Jersey includes a mix of established small and mid-sized businesses, family-owned enterprises, healthcare and professional service firms, and entrepreneurs who have relocated to the region to build or expand their companies. However, many of these business owners face a dual challenge: designing a plan that attracts quality employees while facing rising operating costs, complex tax considerations, and increased pressure in a competitive labor market.

Legacy Wealth Advisors is here to support businesses with retirement planning consulting services to help owners find the right fit for their company and its employees.